The American Risk and Insurance Association presents the Robert I. Mehr Award each year for the paper published ten years ago in The Journal of Risk and Insurance that has best stood the test of time. The evaluation of the articles is made by the editorial board of JRI.
2019 Mehr Award:
The recipient of the 2019 Mehr Award is Scott Harrington for “The Financial Crisis, Systemic Risk, and the Future of Insurance Regulation.”
This article considers the role of American International Group (AIG) and the insurance sector in the 2007–2009 financial crisis and the implications for insurance regulation. Following an overview of the causes of the crisis, I explore the events and policies that contributed to federal government intervention to prevent bankruptcy of AIG and the scope of federal assistance to AIG. I discuss the extent to which insurance in general poses systemic risk and whether a systemic risk regulator is desirable for insurers or other nonbank financial institutions. The last two sections of the article address the financial crisis’s implications for proposed optional and/or mandatory federal chartering and regulation of insurers and for insurance regulation in general.
Archive of Mehr Award Winners
2019: Scott Harrington for The Financial Crisis, Systemic Risk, and the Future of Insurance Regulation.
Okmyung Bin, Jamie Brown Kruse, and Craig E. Landry for Flood Hazards, Insurance Rates, and Amenities: Evidence From the Coastal Housing Market.
Kenneth A. Froot for Risk Management, Capital Budgeting, and Capital Structure Policy for Insurers and Reinsurers.
Andrew J. G. Cairns, David Blake, and Kevin Dowd for A Two-Factor Model for Stochastic Mortality with Parameter Uncertainty: Theory and Calibration.
Yijia Lin and Samuel H. Cox for Securitization of Mortality Risks in Life Annuities.
Michael Braun and Alexander Muermann for The Impact of Regret on the Demand for Insurance.
Jeffrey R. Brown for Redistribution and Insurance: Mandatory Annuitization with Mortality Heterogeneity.
Anders Grosen and Peter Lochte Jorgensen for Life Insurance Liabilities at Market Value: An Analysis of Insolvency Risk.
David Blake and William Burrows for Survivor Bonds: Helping to Hedge Mortality Risk.
Shaun S. Wang for A Class of Distortion Operators for Pricing Financial and Insurance Risks.
J. David Cummins, Martin F. Grace, and Richard D. Phillips for Regulatory Solvency Prediction in Property-Liability Insurance: Risk-Based Capital, Audit Ratios, and Cash Flow Simulation.
Richard Phillips, J. David Cummins, and Franklin Allen for Financial Pricing of Insurance in the Multiple-Line Insurance Company.
Dwight Jaffee and Thomas Russell for Catastrophe Insurance, Capital Markets, and Uninsurable Risks.
David W. Sommer for The Impact of Firm Risk on Property-Liability Insurance Prices.
Richard A. Derrig and Kryzysztof M. Ostaszewski for Fuzzy Techniques of Pattern Recognition in Risk and Claim Classification.
Patrick L. Brockett, William W. Cooper, Linda L. Golden, and Utai Pitaktong for A Neural Network Method for Obtaining an Early Warning of Insurer Insolvency.
There was a tie for the award in 2003: J. David Cummins and Mary A. Weiss for The Stochastic Dominance of No-Fault Automobile Insurance, and James R. Garven and Richard D. MacMinn for The Underinvestment Problem, Bond Covenants, and Insurance.
Ran BarNiv and James B. McDonald for Identifying Financial Distress in the Insurance Industry: A Synthesis of Methodological and Empirical Issues.
Richard J. Butler and John D. Worrall for Claims Reporting and Risk Bearing Moral Hazard in Workers’ Compensation.
Richard D. MacMinn and Li-Ming Han for Limited Liability, Corporate Value, and the Demand for Liability Insurance.
2019 Robert I. Mehr Award
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